REGISTERED NUMBER: SC030418 (Scotland)

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 NOVEMBER 2025

FOR

THE DOURIE FARMING COMPANY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Rory Henderson Christie

Gregor Robin Christie

SECRETARY:

Robert Begg

REGISTERED OFFICE:

Monreith Estate Office

Port William

Newton Stewart

DG8 9LB

REGISTERED NUMBER:

SC030418 (Scotland)

SENIOR STATUTORY AUDITOR:

Marguerite Roos BAcc CA

AUDITORS:

Galbraith Pritchards

Chartered Accountants & Statutory Auditor

20 Barns Street

Ayr

Ayrshire

KA7 1XA

BANKERS:

Bank of Scotland

21 North Main Street

Wigtown

DG8 9HL

SOLICITORS:

Shepherd + Wedderburn

1 Exchange Crescent

Conference Square

Edinburgh

EH3 8UL

FIXED ASSETS

Tangible assets

4

3,268,096

3,418,414

Investments

5

71,583

54,532

3,339,679

3,472,946

CURRENT ASSETS

Stocks

6

2,238,712

2,448,322

Debtors

7

878,875

521,153

Cash at bank and in hand

985,222

273,293

4,102,809

3,242,768

CREDITORS

Amounts falling due within one year

8

1,604,406

964,033

NET CURRENT ASSETS

2,498,403

2,278,735

TOTAL ASSETS LESS CURRENT LIABILITIES

5,838,082

5,751,681

CREDITORS

Amounts falling due after more than one year

9

(3,163,787

)

(3,433,166

)

PROVISIONS FOR LIABILITIES

11

(308,537

)

(366,031

)

NET ASSETS

2,365,758

1,952,484

CAPITAL AND RESERVES

Called up share capital

16,415

16,415

Share premium

12

60,085

60,085

Retained earnings

12

2,289,258

1,875,984

SHAREHOLDERS' FUNDS

2,365,758

1,952,484

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 August 2026 and were signed on its behalf by:

Rory Henderson Christie - Director

Gregor Robin Christie - Director

1.	STATUTORY INFORMATION

The Dourie Farming Company Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The Dourie Farming Company Limited is a wholly owned subsidiary of Dourie Holding Limited whose registered office is Monreith Estate Office, Port William.

2.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company's accounting policies, which are described in note 2, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

TURNOVER

The company has only one class of turnover which is farming. Turnover represents the total invoice value, excluding value added tax, of goods sold and services rendered during the year.

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Land and buildings

-

at varying rates on cost

Plant and machinery

-

At variable rates

Motor vehicles

-

15% on reducing balance

Tractors

-

10% on reducing balance

Land is not depreciated.

STOCKS

Mature animals are valued at fair value.

Trading livestock are valued at the lower of cost or net realisable value, cost calculated to include, where appropriate, cost of rearing. Other stocks are valued at the lower of cost or net realisable value.

FINANCIAL INSTRUMENTS

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

TAXATION

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

DEFERRED TAX

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

RESEARCH AND DEVELOPMENT

Research expenditure is written off as it is incurred and charged to the profit and loss account. Development expenditure is written off, except where there is a separate project that is technically, commercially and financially viable. In these case the identifiable expenditure is deferred and amortised over the period the company is expected to derive benefit.

FOREIGN CURRENCIES

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

HIRE PURCHASE AND LEASING COMMITMENTS

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

GOVERNMENT GRANTS

Government grants in respect of capital expenditure are credited to the profit and loss account over the estimated useful life of the relevant fixed assets. The grants shown in the balance sheet represent the total grants receivable to date less the amount so far credited to the profit and loss account.

Revenue grants received by way of subsidies are credited to the profit and loss account so as to match them with the expenditure to which they relate.

INVESTMENTS

Investments held as fixed assets are stated at fair value. Dividends and other income arising therefrom are recognised in the profit and loss account when received.

EMPLOYEE BENEFITS

Short-term employee benefits and contributions to defined contribution plans are recognised as an expense in the period in which they are incurred.

When employees have rendered service to the company, short term benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. Principally this includes the holiday pay accrual calculated at the year end..

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2024 - 21 ) .

4.	TANGIBLE FIXED ASSETS

Land and

Plant and

Motor

buildings

machinery

vehicles

Tractors

Totals

£

£

£

£

£

COST

At 29 November 2024

1,389,367

5,480,065

120,260

47,400

7,037,092

Additions

21,086

117,471

63,000

-

201,557

Disposals

(3,440

)

(227,481

)

(16,545

)

-

(247,466

)

At 28 November 2025

1,407,013

5,370,055

166,715

47,400

6,991,183

DEPRECIATION

At 29 November 2024

497,062

3,065,871

44,850

10,895

3,618,678

Charge for year

65,062

230,909

19,002

3,650

318,623

Eliminated on disposal

(3,096

)

(206,302

)

(4,816

)

-

(214,214

)

At 28 November 2025

559,028

3,090,478

59,036

14,545

3,723,087

NET BOOK VALUE

At 28 November 2025

847,985

2,279,577

107,679

32,855

3,268,096

At 28 November 2024

892,305

2,414,194

75,410

36,505

3,418,414

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST OR VALUATION

At 29 November 2024

54,532

Additions

22,631

Disposals

(7,236

)

Revaluations

1,656

At 28 November 2025

71,583

NET BOOK VALUE

At 28 November 2025

71,583

At 28 November 2024

54,532

Cost or valuation at 28 November 2025 is represented by:

Other

investments

£

Valuation in 2025

(63

)

Cost

71,646

71,583

6.

STOCKS

28/11/25

28/11/24

£

£

Pig herd

19,040

19,400

Cattle herd

1,045,500

1,138,425

Trading livestock

838,385

887,085

Other stocks

335,787

403,412

2,238,712

2,448,322

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28/11/25

28/11/24

£

£

Trade debtors

372,489

300,374

Amounts owed by group undertakings

8,122

12,056

Other debtors

19,659

18,799

Tax

307,030

173,758

VAT

170,137

15,168

Prepayments

1,438

998

878,875

521,153

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28/11/25

28/11/24

£

£

Bank loans and overdrafts

246,196

243,012

Other loans

15,000

15,000

Trade creditors

897,445

295,689

Social security and other taxes

10,699

3,998

Directors' current accounts

186,769

191,406

Accrued expenses

102,530

68,920

Deferred government grants

145,767

146,008

1,604,406

964,033

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

28/11/25

28/11/24

£

£

Bank loans - 1-2 years

240,336

241,480

Bank loans - 2-5 years

715,847

719,622

Bank loans more 5 yr by instal

2,199,511

2,448,971

Other loans

8,093

23,093

3,163,787

3,433,166

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

2,199,511

2,448,971

10.	SECURED DEBTS

The following secured debts are included within creditors:

28/11/25

28/11/24

£

£

Bank loans

3,401,890

3,653,085

The bank loans are secured by way of a standard security over various land and properties and a floating charge.

11.	PROVISIONS FOR LIABILITIES

28/11/25

28/11/24

£

£

Deferred tax

308,537

366,031

Deferred

tax

£

Balance at 29 November 2024

366,031

Provided during year

(57,494

)

Balance at 28 November 2025

308,537

12.

RESERVES

Retained

Share

earnings

premium

Totals

£

£

£

At 29 November 2024

1,875,984

60,085

1,936,069

Profit for the year

525,346

525,346

Dividends

(112,072

)

(112,072

)

At 28 November 2025

2,289,258

60,085

2,349,343

13.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Marguerite Roos BAcc CA (Senior Statutory Auditor)

for and on behalf of Galbraith Pritchards

14.	RELATED PARTY DISCLOSURES

15.	FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many businesses of a similar size and nature, the company engages its auditors to provide certain non-audit services, including the preparation and submission of tax returns to the relevant tax authorities and assistance with the preparation of the annual financial statements. These services are undertaken in addition to the statutory audit and are considered routine administrative and compliance matters.